HDFC Bank Car Loan – Benefits, Application Process, and How to Apply

HDFC Bank Car Loan

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HDFC Bank is an Indian banking and financial services company. HDFC Bank is one of the India’s largest leading private sector banks by assets and world’s 10^th largest bank by market capitalisation as of April 2021. It is the third largest company by market capitalisation as of Rs 122.50 billion on the Indian stock exchanges.

How to Apply for HDFC Bank Car Loan

HDFC Bank offers Car Loans for its customers at lowest interest rates and flexible tenures. You can avail for the loan amount up to 3 crore from HDFC Bank. To apply for HDFC Bank Car loan, you can visit the nearest branch of HDFC bank, or you can visit the official website of the and fill up the application form and submit all your required documents and apply for the loan. You can also get in touch with the customer care of HDFC Bank to receive support on the complete application process.

Also Read: Mimosa Pudica – Medicinal Qualities, Uses, Benefits, Side Effects

What are the benefits and features of HDFC Bank Car Loan

Some of the notable features and benefits are as mentioned below:

• Budget friendly monthly payments
• Offers up to 100% on-road finance
• Provides optional health cover
• Minimal paper work and documentation
• Quick loan disbursement
• Interest rate is competitive and fixed
• Lower down payments
• Low EMIs
• The loan repayment tenure is up to 7 years
• Flexible tenure

HDFC Bank Car Loan Eligibility Criteria

To apply for a loan, you require a certain eligibility criteria. The eligibility criteria you required are mentioned below.

Salaried Individuals

• Age between 21 years to 60 years
• Salaried professionals or self-employed
• Earn at least 3 lakhs

Self-Employed (Sole Proprietorship)

• Should be in the business of trading, manufacturing, or services
• Aged between 21 to 65 years
• Should have been in business for at least 2 years
• Have an annual income of at least Rs 3 lakh

Self-Employed (Partnership Firms)

• Self-employed partners in the manufacturing, trading or services business
• Should have a turnover of at least Rs 3 lakh p.a.

Self-Employed (Private Limited Companies)

• Owners of private companies in the manufacturing, trading or services business
• Should have a minimum annual income of Rs 3 lakh

Self-Employed for Public Limited Companies

• Directors in public limited firms in the manufacturing, trading or services business
• Have earnings of at least Rs 3 lakh p.a.

Also Read: HDFC Bank Education Loan

How to Increase your Eligibility for HDFC Bank Car Loan

To increase your eligibility for car loan you should have to maintain your

• Income on the higher side
• Loan amount
• Credit score maintenance over 750
• Maintain a low debt-to-income ratio between your earnings and spends
• Opt for shorter tenure for the repayment of your loan amount that you will be paying each month
• Apply for a loan for a lower amount
• Maintenance of good relationship with the bank

Interest Rates

HDFC Bank car loan interest rate ranges from 10% to 15% for new car loan scheme, and 13.75% to 16% for HDFC Pre-Owned car loan scheme.

EMI Calculator

Before availing for a car loan from you must calculate your EMI that you will be paying towards the loan each month. By calculating the EMI, you will be able to budget your monthly expenses better. You can calculate your EMI from HDFC Bank online EMI calculator.

Documents Required

Below are the certain documents required by the applicants for applying car loan.

Salaried Individuals

• ID Proof
• Address Proof
• Income Proof
• Bank statement of last 6 months

Self-Employed Applicants

• ID Proof
• Address Proof
• Income Proof
• Bank statement of last 6 months

FAQs

1. What is the minimum tenure of new Car Loan in HDFC Bank?

Ans: The minimum car loan tenure ranges from 12 months to maximum of 84 months.

2. What are the eligibility criteria for Car Loan?

Ans: The eligibility criteria for car loan is age, income, loan repayment history of an individual etc.

3. What is the interest rate of HDFC Bank Car Loan?

Ans: HDFC Bank car loan interest rate ranges from 10% to 15% for new car loan scheme, and 13,75% to 16% for Pre-Owned car loan scheme.

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Hi, I’m Dev Kirtonia, Founder & CEO of Dev Library. A website that provides all SCERT, NCERT 3 to 12, and BA, B.com, B.Sc, and Computer Science with Post Graduate Notes & Suggestions, Novel, eBooks, Biography, Quotes, Study Materials, and more.